Westford,USA, July 24, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Next Generation Sequencing Market will attain a value of USD 36.04 billion by 2031, with a CAGR of 18.5% during the forecast period (2024-2031). Next generation sequencing is a technique that uses high similarity to align millions or even billions of strands of DNA. This method is also known as high throughput sequencing. NGS does not rely heavily on the fragment replication techniques used by Sanger in genome sequencing. Advantages of NGS over Sanger's sequencing method include low cost, high accuracy and speed, and accurate results even if small sample sizes are used. Thus, NGS is widely used for biomarker discovery, cancer in research, personalized medicine and farm animal research.
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Browse in-depth TOC on " Next Generation Sequencing Market "
- Pages – 157
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Next Generation Sequencing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 9.27 billion |
| Estimated Value by 2031 | USD 36.04 billion |
| Growth Rate | Poised to grow at a CAGR of 18.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & Service, Technology, Application, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Expanding Applications and Advancements in NGS Technology |
| Key Market Drivers | Rising Demand for Personalized Medicine |
Academic Institutions and Research Centers Segment to Dominate Due to Increased Government Funding
Academic institutions and research centers represent a significant segment in the next generation sequencing market. They are some of the most widely used NGS in research, genomics, and large-scale population sequencing projects. Increased government funding, especially for academic research projects and cohort-based scientific projects drives demand for larger NGS conferences. This sector relies on government grants and institutional funding, thus accounting for a large market share in terms of revenue and services.
Nanopore Sequencing Segment to Drive Market Due to Longer Read Length and Portability
The nanopore sequencing segment of the market is expected to grow at the highest CAGR. These features include real-time sequencing, long readsand portability, making this technology suited for various applications including field sampling and site monitoring. Companies such as Oxford Nanopore Technologies are now actively pursuing this in this phase the technology is being constantly developed and improved.
North America is Dominating Due to Availability of Next-generation Sequencing
North America is expected to dominate this market by 2023 with significant market share in other regions. The major driving force for the regional market is the availability of next-generation sequencing and clinical laboratories using next-generation systems for genetic testing in the region available.
Furthermore, Asia-Pacific is expected to hold a steady market share in the communication software market during the forecast period. The market growth in the region can be attributed to the various key players operating in the region providing services such as digital PCR solutions, and include BGI Genomics, NGS service provider. These major players have an extensive portfolio that can meet almost any need of the customers. Thus, it will play a role in the growth of the market in regional scenario during the expected forecast period.
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Drivers
- Technological Innovations in Sequencing Platforms
- Rising Demand for Personalized Medicine
- Increased Government Funding
Restraints
- High Cost of NGS Technology
- Data Management Challenges
- Interpretation Challenges
Prominent Players in Next Generation Sequencing Market
- Eurofins Scientific SE (Luxembourg)
- Pacific Biosciences of California Inc. (US)
- Oxford Nanopore Technologies (UK)
- QIAGEN NV (Netherlands)
- F. Hoffmann-La Roche AG (Switzerland)
- GENEWIZ Inc. (US)
- Psomagen, Inc. (South Korea)
- 10x Genomics Inc. (US)
- Takara Bio (Japan)
- Zymo Research (US)
- NuGen Technologies (US)
- Hamilton Company (US)
- Beckman Coulter (US)
- Becton, Dickinson, and Company (US)
- Lucigen Corporation (US)
- Novogene Co., Ltd. (China)
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Key Questions Answered in Next Generation Sequencing Market Report
- Whatarethekey drivers of Global Next Generation Sequencing Market size?
- Who are the key players in Global Next Generation Sequencing Market?
- Which is the fastest growing region in Global Next Generation Sequencing Market?
This report provides the following insights:
- Analysis of key drivers (technological innovations in sequencing platforms, rising demand for personalized medicine), restraints (high cost of NGS technology), opportunities (expanding applications and advancements in NGS technology), influencing the growth of Next Generation Sequencing Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Next Generation Sequencing Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Next Generation Sequencing Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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